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Z5 Fri, 24 May 2024

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Z5 Fri, 10 May 2024

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Z5 Tues, 30 April 2024

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20 December 2019 – Market tanks, looming shutdown

Indices
Dow Transportation closed at 9029.94 with a bearish ‘rolling pin’ candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 251.23. Intermediate Cycle is negative and falling slope. Short Term Cycle is negative and falling slope. Market direction – Sell. 

Dow Industrial closed at 22859.60 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 679.35. Intermediate Cycle is negative and falling slope. Short Term Cycle is negative and falling slope. Market direction – Sell. 

Russell 2000 closed at 1326.00 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 37.87. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. 

Nasdaq 100 closed at 6243.1948 with a big ‘rolling pin’ candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 219.113. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.

S&P 500 closed at 2467.42 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 68.45. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.    

Metals and Commodities
WTI Crude oil futures (CL) closed at $46.96 per barrel with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 2.12. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.     

Gold futures (GC) closed at 1263.4 with a bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 24.1. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy. It is in a weekly Squeeze.

Agriculture (DBA) ETF closed at 17.14 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.12. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. It is in a daily and weekly Squeeze.   

Commodities (DBC) ETF closed at 14.87 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.19. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.   

Bonds
Bond futures (/ZB) closed at 144’13 with a bearish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 17187. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.  

High Yield bond ETF (HYG) gapped down and closed at 80.63 with a bearish candle below its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 1.33. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. 

Currency
The dollar index ($DXY) closed at 96.394 with a bearish candle below its 8 EMA, 21 EMA and above its 50 SMA and 200 SMA. Daily trading range was 0.873. Intermediate Cycle is positive and falling slope. Short Cycle is negative and falling slope. Market direction: Sell. It is in a daily and Weekly Squeeze.     

EUR/USD closed at 1.1444 with a bullish candle above its 8 EMA, 21 EMA. 50 SMA and below its 200 SMA. Daily trading range was 0.0116. Intermediate Cycle is negative and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.

USD/JPY closed at 111.27 with a big bearish candle below its 8 EMA, 21 EMA, 50 SMA and above its 200 SMA. Daily trading range was 1.791. Intermediate Cycle is negative and falling slope. Short Cycle is negative and falling slope. Market direction: Sell.  

6S (Swiss Franc) – closed at 1.016 with a big bullish candle above its 8 EMA, 21 EMA, 50 SMA and 200 SMA. Daily trading range was 0.0114. Intermediate Cycle is positive and rising slope. Short Cycle is positive and rising slope. Market direction: Buy.  

Relative Strength – Sectors On a monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLK, XLU, XLY and XLI.

On a 3-monthly lookback, the relative strength order of the ETFs that are outperforming the S&P 500 are XLU, XLK, XLY and XLI respectively.  

Market Internals
Market Sentiment is bearish. Market Breadth is sloping downwards showing more losers than gainers. Volume Acc/Dis is sloping downwards and showing distribution. Skew is at 124.07. Vix is at 28.38 and Vix Futures is at 23.0.   

The Week Ahead
After the FED rate hike, the market is now focused on the impending government shutdown this coming Friday. Market Sentiment is very negative, Market Internals are showing weakness, Skew is normal, Vix and Vix futures are elevated above 28 and 23 respectively.. If there is a budget approved for the short term, we might see the market rally. The prognosis is for continuing bearishness with plenty of volatilities.

To YOUR wealth!
Would you like to learn to trade stocks, Options or Futures? Drop us an email at jefftohch@gmail.com or call +6010 4343 948. If you have been an unsuccessful trader and need personal tutorship, we can provide you with personal coaching to take you to be a profitable trader.


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